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  • FIRST POST
    • jonesy1973
    • By jonesy1973 12th Mar 18, 3:42 PM
    • 43Posts
    • 29Thanks
    jonesy1973
    discharged in 3 months - small windfall, advice.
    • #1
    • 12th Mar 18, 3:42 PM
    discharged in 3 months - small windfall, advice. 12th Mar 18 at 3:42 PM
    Hey everyone. I wonder if anyone can shine some light on this for me.

    I'm 3 months away from discharge and have a little dilemma. Over the weekend I had a little 3 bet on the football and won myself 974. (very happy)

    I have some thoughts on what to do with this, however, I'm not sure if I can and if I would end up causing myself some aggravation.

    Would be grateful for some feedback on the following idea.

    1. place the funds in a new bank account I opened months ago (account only has 12 in it and I have not informed the Official receiver I opened the account. )

    2. Use the funds to make a profit on matched betting. ( those not familiar with matched betting, this is not gambling. It is a genuine way to make a guaranteed profit by using free bookie betting offers and has been endorsed by this site)

    My concerns in doing this.

    1. Should i be paying the 973 winnings to OR?
    2. Can the OR access my new bank account even though i havnt informed him i have a new account. (I have 2 bank accounts)
    3. is there any risk i could be subject to ipa if small savings are detected and proof of small profits from matched betting?

    In being totally honest the fact that iam so close to discharge I dont want to create any further aggravation for the family so I welcome any advice on this?

    thanks
    Embrace The Chaos!
Page 1
    • LaLaLa34
    • By LaLaLa34 12th Mar 18, 6:44 PM
    • 13 Posts
    • 7 Thanks
    LaLaLa34
    • #2
    • 12th Mar 18, 6:44 PM
    • #2
    • 12th Mar 18, 6:44 PM
    Is it online gambling or did you place the bet through a bookies (in person)?

    If the latter I wouldn't mention it, but if having to deposit into a bank account personally i'd be worried and looking over my shoulder.
    • Thomas The Tank Top
    • By Thomas The Tank Top 12th Mar 18, 7:16 PM
    • 198 Posts
    • 505 Thanks
    Thomas The Tank Top
    • #3
    • 12th Mar 18, 7:16 PM
    • #3
    • 12th Mar 18, 7:16 PM
    Its's the Bankruptcy Board, shipwreck. Where the only sin is to be judgemental.
    • debt doctor
    • By debt doctor 12th Mar 18, 8:59 PM
    • 4,253 Posts
    • 5,932 Thanks
    debt doctor
    • #4
    • 12th Mar 18, 8:59 PM
    • #4
    • 12th Mar 18, 8:59 PM
    Hi,

    I'm only going to give the legal position; Your win is 'after acquired property' (AAP) which is property that comes in to a bankrupts possession after bankruptcy is declared but before discharge.
    AAP is treated in exactly the same way as if you had that money at the time you were declared bankrupt.

    I'm afraid that you have a duty to disclose it, and that the money belongs to the OR.

    Sorry.

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • jonesy1973
    • By jonesy1973 12th Mar 18, 9:36 PM
    • 43 Posts
    • 29 Thanks
    jonesy1973
    • #5
    • 12th Mar 18, 9:36 PM
    • #5
    • 12th Mar 18, 9:36 PM
    Its's the Bankruptcy Board, shipwreck. Where the only sin is to be judgemental.
    Originally posted by Thomas The Tank Top
    was someone being nasty?
    Embrace The Chaos!
    • LincsPaul
    • By LincsPaul 14th Mar 18, 7:46 PM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #6
    • 14th Mar 18, 7:46 PM
    • #6
    • 14th Mar 18, 7:46 PM
    1. The money should legally be declared to the OR and go in their direction.

    2. In theory, yes the OR can access all your accounts because you will have signed a form when you got your bankruptcy 'welcome pack' waiving data protection (and worryingly this isn't time-limited to your year of bankruptcy!). However, HOW will they discover your new account? They don't have the time, money or inclination to write to every bank in the country with a list of current bankrupts' names asking if they've set up an account recently and can we have the statements please... Unless you have an IPA in which case you have to provide them.

    3. I don't think it would be an IPA as such because it would be seen as a windfall and they would make a one-off order to reclaim it if they knew about it.

    Did you gamble in person or online? If in person and technically anonymous, then I suppose there is no paper trail and you only have your conscience to convince. If online then perhaps it's traceable as the winnings need to be sent to a bank account (yours, necessarily?).

    To re-gamble the money without withdrawing it is probably a grey area and I doubt the Insolvency Service have a rule specific to this at this time. Technically, it's an asset of yours right now and, either way, if you re-gamble and come away with more you're left in the same situation.

    One thing to note is that little or none of this money would go to your creditors if the OR did claim it. The kind of money you're talking about would almost certainly be swallowed by the OR for their administration costs, because they pay themselves first. Question - should the OR, as a public body, profit from gambling?!
    Last edited by LincsPaul; 14-03-2018 at 7:51 PM.
    • 30summit
    • By 30summit 15th Mar 18, 9:33 AM
    • 11 Posts
    • 1 Thanks
    30summit
    • #7
    • 15th Mar 18, 9:33 AM
    • #7
    • 15th Mar 18, 9:33 AM
    Just hold on to the cash...
    • LincsPaul
    • By LincsPaul 15th Mar 18, 11:35 AM
    • 131 Posts
    • 66 Thanks
    LincsPaul
    • #8
    • 15th Mar 18, 11:35 AM
    • #8
    • 15th Mar 18, 11:35 AM
    But it may not be cash!

    If the money is sitting online, I assume you have the (illegal and immoral) option to withdraw after discharge. Will the OR find out? Realistically, of course not. But they technically do have the power to investigate if they suspect wrongdoing because you signed that data protection waiver...
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